What is the history of banking in Owatonna, Minnesota? Was Farmer's National the only bank?

Question

The Farmers National Bank building in Owatonna was an early building by Louis Sullivan, built in about 1907-1908... was there a bank there before that? Who were it's founders? Were they local farmers? I'm doing a family history project, so all relevent information will be appreciated. Thanks.

Answer 1

This isn't much, but...
There was at least one other bank in Owatonna, The First National Bank of Owatonna, National Bank charter #1911 (which means it received its charter in the mid-1870s).

The First National issued small size National Bank Notes up until 1934. The link below is to a banknote dealer who has four of them currently in his inventory (Very pricey, as you would expect for such scarce items). You could probably e-mail him and ask for a photo of the notes - You may recognize the signatures of the bank president and cashier.
http://www.horwedelscurrency.com/minnesota_through_new_york.htm

I wish I had a better reference book at home. It occurs to me that these two banks might be one and the same. The reference book I need (National Banknotes by Don C. Kelly) is pretty expensive and I'm too cheap to buy it.